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Barclays: U.S. Independent Refiners – CITGO Valuation Analysis

Barclays Equity Research, September 15, 2014 Barclay’s Capital Inc. just released a report regarding the valuation of PDVSA’s CITGO; its U.S. refining and marketing company.  CITGO is comprised of three refineries in Texas, Louisiana and Illinois with a total of 749 mbd refining capacity.  In recent weeks the media has reported a potential value of…

Brazil ‘falling off world oil map’ over failed policies

Due to the increased costs, reduced efficiency, and increased risk resulting from Brazil’s energy policies, investors are beginning to lose interest. Countries like Mexico, Iran, Iraq and Algeria are causing Brazil to lose out because investors are more attracted to their policies that are more welcoming to private sector investment. The IBP has stated that…

Brazil to export up to 2 million b/d by 2018-2020

Brazil’s ANP announced that growing production from the country’s subsalt oil fields will make the country a large crude oil exporter. Exports are expected to be anywhere from 1.5 million to 2 million bpd by the year 2022. The increase in sales should generate up to $65 billion positive impact on Brazil’s trade balance. by Jeff…

Argentina July LNG imports down 7% as domestic production climbs

Argentina’s imports of liquefied natural gas showed a 7 percent decline in July, compared to July 2013. This is the first year-on-year decline in LNG imports for July since 2009. Average temperatures for the country are coldest in the July month each year for Argentina, so imports of LGN are used mainly for both residential…

Chevron weighs the purchase of one of Citgo’s refineries

Due to debt obligations, Venezuela’s PDVSA has lowered the price of Citgo and hopes to receive between $8-10 billion for the sale of three refineries in the US. International company, Chevron appears to be interested in buying the Corpus Christi refinery that has the capacity to process 165,000 bpd of crude. by Andreína Trujillo, El Universal,…

Uruguay aims to woo oil majors for offshore prospects

Uruguay’s state-owned oil company, Ancap, announced Tuesday that it is seeking deals with the world’s leading energy companies in hopes of finding oil in offshore areas. The drilling Uruguay wants to do, will be occurring in ultra-deep waters, and will require the use of the latest exploration technology, which is the reason Uruguay is hoping…

Uruguay’s ANCAP to produce oil in venture with PDVSA in Venezuela

Uruguay state-owned oil company reached an agreement with Venezuela’s PDVSA to produce oil from a field in Orinoco Belt in Venezuela. ANCAP CEO Jose Coya signed the agreement in Venezuela giving his company a 40 percent stake in the field while PDVSA will retain a 60 percent interest. by Fox News Latino, September 7, 2014…

Venezuela in dilemma over hiking world’s cheapest fuel

It has been 17 years since the last time gasoline prices in Venezuela were raised, but President Nicolas Maduro is considering the option. Venezuela offers highly subsidized gasoline prices to its citizens at less than two U.S. cents a liter, a finance that is costing the country $12.5 billion a year. The decision to raise…

New Pdvsa president faces the challenge of lifting oil output

Former PDVSA president and minister of petroleum and mining, Rafael Ramírez, has been replaced with Eulogio Del Pino and Asdrúbal Chávez respectively. Pino and Chávez face many challenges in their new positions including: lifting oil production in the middle of steady oil prices, improving cash flow for PDVSA, and revising financing of non-core operations. by…

Chile’s Enersis lifts stake in Peruvian power generator Edegel

The Chilean energy group Enersis increased its stake in Peru’s power generator Edegel to 58.6 percent. This increase from 37.5 percent is a deal worth $413 million. This means that Enersis now controls an equivalent capacity of 23 percent of all of Peru’s generation capacity. by Tom Azzopardi, Platts, September 3, 2014 Chilean energy group Enersis…

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Site Last Modified: September 15, 2014